EcoWorld International Berhad (EcoWorld) announced on Nov 24 that it has acquired a prime development land 12km north of Sydney’s CBD, for AUD40 million ($41 million).

The site is located on 1-3 Lachlan Avenue Macquarie Park in the Macquarie University Precinct, which comprises the Macquarie University, the Innovation Park, shopping centre, and train station. There is an existing residential building on the site, with 30 en-bloc apartment units.

Under the Strata Schemes Development Act 2015 (Australia), 75% of the owners in a strata scheme can agree to end their strata scheme so the site can be redeveloped or sold. EcoWorld has entered into a call and put option agreement with the owners of 25 units, representing about 84.2% of the strata scheme, to acquire these units by way of collective sale. The acquisition is expected to be completed by Nov 2018.

EcoWorld plans to develop 125 residential apartment units with a small retail component. The total estimated Gross Development Value of the project amounts to AUD 139 million. The project is targeted to launch in 1H2019 and for completion three to four years after launch.